The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: We Must Discredit Obama's Debt Dishonesty||Date: 1/12/2013 12:06 PM|
|Author: MadCapitalist||Number: 666018 of 852394|
To Win The Debt-Ceiling Debate, We Must Discredit Obama's Debt Dishonesty
"President Obama tells the nation that Congress must increase the debt limit because they “should pay the bills that they have already racked up.” Let me translate that into household economics.
You find yourself reaching the debt limit on your credit card. But you have become addicted to spending each month two thirds more than you earn. So you got to keep charging on that card.
So you write to the credit card company demanding a debt limit increase “so you can pay the bills you have already racked up.” Would that work? Or would the credit card company write back and say you cannot pay the bills you have already racked up by continuing to charge more?
President Obama’s argument makes no more sense than that. Reaching the national debt limit now over $16 trillion dollars does not mean that the federal government cannot pay the bills it has already racked up. It just means that it cannot borrow still more."
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|